Greece Golden Visa: All You Need to Know

Know everything about Greece Golden visas, from its application process, documents required to its advantages.
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3 min
05-April-2024

The Greece Golden Visa program presents a lucrative opportunity for non-EU individuals looking to gain residency in Greece through investment.

Launched in 2013, this program offers a straightforward path to obtaining a residence permit in Greece, which is not only beneficial from an investment standpoint but also provides a gateway to Europe. The allure of the program is magnified by its relatively low entry threshold and the extensive range of benefits it offers.

In this article, get a detailed idea of the benefits of Golden Visa Greece, its statistics, eligibility criteria, the process to get the visa, and the importance of having a travel visa.

What are the Greece Golden Visa benefits?

The Greece Golden Visa benefits are as follows:

  • Permanent residency status: Investors immediately receive a five-year residency permit, renewable as long as the investment is maintained. This status grants holders nearly all the same rights as Greek citizens, except for voting.
  • Family inclusion: The primary investor can include their spouse, children under 21 years old, and dependent parents in the application, ensuring that the whole family can enjoy the benefits of residency.
  • Access to education and healthcare: Residents can access Greece’s educational system, healthcare services, and social security, mirroring the rights of Greek citizens.
  • No minimum residency required: Unlike other residency programs, Greece does not require investors to spend a minimum amount of time in the country. This provides flexibility for those who do not wish to permanently relocate.

Also, read about the Greece visa for Indians.

Travelling visa-free with Greece residence permit

Following are the places where you can travel visa-free with a Greece residency permit:

  • Schengen zone access: The residence permit allows unlimited travel within the Schengen Zone, enabling permit holders to move across 26 European countries without visa restrictions.
  • Long duration stay: Residents can stay in Schengen countries for up to 90 days within any 180-day period, which is ideal for business or leisure.
  • Ease of travel: Holders of the Greek Golden Visa can enjoy faster visa application processes for countries that still require a visa within Europe and globally.

Greece Golden Visa: Statistics and essential details

The Greece Golden Visa program offers a residency permit to non-EU investors who make significant financial investments in Greece, primarily through real estate purchases. Here are some key statistics and explanations related to the program:

  • Investment thresholds: The primary requirement for the Greece Golden Visa is an investment in real estate valued at a minimum of €250,000 i.e. around Rs. 22,344,750. This low investment threshold compared to other European countries makes it an attractive option for many investors seeking residency in Europe.
  • Nationality of investors: The majority of applicants for the Greece Golden Visa come from China, Russia, and Turkey. Chinese investors, in particular, lead in the number of applications, reflecting broader trends in overseas real estate investment from China.
  • Economic impact: Since its inception in 2013, the program has brought significant economic benefits to Greece, including an influx of foreign capital and revitalization of the property market. This impact is particularly noticeable in urban areas like Athens and in tourist-heavy regions.
  • Real estate focus: Over 90% of the investments through this program are in the real estate sector. This focus helps sustain property prices and contributes to the recovery and growth of the real estate market in Greece after the financial crisis of the late 2000s.
  • Growth of applications: The number of applications has grown consistently since the program's introduction. The growth peaked in 2019 before experiencing a slowdown due to the global COVID-19 pandemic. However, recovery in application numbers has been noted as travel and economic conditions improve.
  • Residency and family inclusion: The visa allows not only the investor but also their family members, including spouse, children under 21 years of age, and dependent parents, to gain residency. This inclusivity makes it a preferred choice for investors looking to relocate with their families.
  • Renewal and permanent residency: The residency permit is renewable every five years as long as the investment is maintained. Investors can apply for permanent residency after seven years, and for citizenship after ten years of residence, subject to certain conditions including passing language and citizenship tests.

Each of these points highlights the program’s role in attracting foreign investment and its implications on the Greek economy and real estate market. The Greece Golden Visa continues to be a pivotal part of Greece’s strategy to attract foreign capital.

Eligibility criteria for Greece Golden Visa program

You need to fulfil the following requirements to be eligible for Greece Golden Visa:

  • Investment threshold: Applicants must invest at least €250,000 i.e. approx. Rs. 22,344,750 in Greek real estate, which is the primary route for investment.
  • Clean criminal record: Applicants must have a clean criminal record from their country of origin and Greece.
  • Health insurance: Applicants must have health insurance coverage that applies in Greece.
  • Financial stability: Applicants must prove that they have sufficient funds to support themselves and their dependents without needing employment.

What are the investment options under Greece Golden Visa?

Following are the investment options you get with a Greece Golden Visa:

  • Real estate investment: The most common route, requiring a minimum investment of €250,000 (Rs. 22,344,750) in either residential or commercial property.
  • Capital transfer: An alternative involves a capital transfer of at least €400,000 (Rs. 35,752,665) to a Greek bank account or approved investments.
  • Business investment: Investing in a Greek company is another pathway, provided that the investment leads to measurable benefits for the national economy.

Golden Greece Visa application process

Availability of the Golden Visa Greece program involves a series of steps designed to ensure that the investment meets legal requirements, and that the applicant fulfils all necessary administrative procedures. Here's a step-by-step guide on how to proceed:

Step 1: Select a qualifying investment: Begin by choosing an investment that meets the program’s criteria, typically real estate worth at least €250,000 (Rs. 22,344,750). Investors can buy residential or commercial property or a combination of both.

Step 2: Legal and financial checks: It is advisable to work with a lawyer who specialises in Greek real estate and immigration law. The lawyer can help perform due diligence on the property, ensuring there are no legal encumbrances.

Step 3: Complete the property purchase: Finalise the purchase of the property in Greece. This involves signing the property sale contract and registering it with the local Land Registry or Cadastre.

Step 4: Apply for an entry visa: Apply for a Type D national visa at the Greek consulate or embassy in your home country, which allows you to legally enter Greece to apply for the Golden Visa.

Step 5: Collect required documents: Gather necessary documents, including proof of the property purchase, a clean criminal record from your country of residence, and health insurance that covers you in Greece.

Step 6: Submit the application for the Golden Visa: Submit the residency application and the required documents to the Greek Alien and Immigration Department at the Decentralised Authority.

Step 7: Biometric data submission: Once your application is initially approved, you will need to provide your biometric data (fingerprints and a photograph) for the residency card.

Step 8: Receive the residency permit: After processing, which includes the biometric data capture, you will receive a five-year residency permit.

Step 9: Renewal of residency permit: The residency permit can be renewed every five years, provided the investment is maintained.

What are the timelines for the Greece Golden Visa?

Following are the timeliness to process or renew the Greece Golden Visa:

  • Initial application processing: The process from submitting the initial application to receiving the Golden Visa typically takes around 40 to 60 days.
  • Renewal process: The renewal process is straightforward, requiring proof that the investment has been maintained and that the investor has health insurance coverage in Greece.
  • Eligibility for permanent residency: After maintaining the investment for seven years, investors may apply for permanent residency.
  • Eligibility for citizenship: Investors can apply for Greek citizenship after maintaining residency for ten years, subject to fulfilling additional requirements such as language proficiency and knowledge of Greek history.

This structured approach ensures that investors not only comply with Greek legal standards but also benefit from the residency rights offered by the Golden Visa Greece program.

What are the documents required for Greece Golden Visa?

The Greece Golden Visa requirements are as follows:

  • Passport copies: Valid passports of the investor and all family members included in the application.
  • Real estate deeds: Proof of ownership of the invested property.
  • Health insurance documents: Comprehensive health insurance covering all family members.
  • Proof of financial means: Evidence of financial stability to support the family in Greece.

What is the renewal process Greece Golden Visa?

The Greece Golden Visa program offers a renewable five-year residency visa to non-EU citizens who make a significant investment in Greece, typically in real estate. Here is a detailed explanation of the renewal process for the Greece Golden Visa:

  • Timely application: You should begin the renewal process at least two months before the expiration of your current Golden Visa. This timing is crucial to ensure that there is no gap in your legal residency status while the renewal is being processed.
  • Valid investment: Ensure that the investment on which your Golden Visa was based is still valid. For real estate investments, this means that you must still own the property and it must meet the initial investment criteria (a minimum of €250,000 i.e. approx. Rs. 22,344,750). The property should be maintained in good condition and free from any legal disputes.
  • Documentation: Gather all required documentation, including a proof of the continued investment (such as property title deeds), a valid passport, current biometric residence permits, health insurance that covers you and your family in Greece and a statement confirming no criminal record in Greece and your home country.
  • Application submission: Submit the renewal application along with all the required documents to the relevant Greek immigration authority, either directly or through a legal representative.
  • Biometrics: If there have been any changes in your biometric data or if it is required by the Greek authorities, you may need to submit new biometric data along with your renewal application.
  • Fees: Pay the necessary administrative fees for the renewal of your visa. These fees vary, so it's essential to check the current rates at the time of your application.
  • Processing time: The processing time for the renewal can vary, but it generally takes several weeks. During this period, your legal status in Greece remains valid as long as you have applied for the renewal before the expiration of your current visa.
  • Receipt of new permit: Once your application is approved, you will receive a new biometric residence card, which will be valid for another five years.
  • Continuous residency not required: It is important to note that the Greece Golden Visa does not require you to live in Greece to renew your residency permit. However, you must maintain the investment.

Conclusion

The Greece Golden Visa program stands out as an attractive option for those seeking to invest and obtain residency in a European country. For potential investors seeking assurance and guidance through this process, consulting firms like Get Golden Visa provide indispensable assistance.

The renewal process for the Greece Golden Visa is also straightforward, provided that the investment is maintained, and all required documents are correctly submitted. This process ensures that investors can continue to enjoy the benefits of residency in Greece.

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Frequently asked questions

What is the minimum investment required to get the Greece Golden Visa?

To obtain a Greek Golden Visa, you need to make a minimum investment of €250,000 i.e. approx. Rs. 22,344,750 in real estate in Greece. This investment grants you a five-year residency permit, which is renewable as long as the investment is maintained. The program is one of the most affordable and popular options for non-EU citizens seeking residency in Europe.

Who is eligible for a Greek Golden Visa?

The Greek Golden Visa program is available to non-EU/EEA citizens who make a significant financial investment in Greece, typically involving a real estate purchase of at least €250,000 (Rs. 22,344,750). Eligibility extends to the investor's spouse, their children under 21 years of age, and the parents of both spouses, provided the investment criteria are maintained.

What are documents required for Greece Golden Visa?

Documents required for the Greece Golden Visa typically include a valid passport, proof of accommodation in Greece, health insurance, proof of income or financial independence, and a clean criminal record certificate. Additionally, you'll need documentation related to your investment in real estate or other eligible assets in Greece, such as purchase contracts or lease agreements.

What is the processing time for Greece Golden Visa?

The processing time for the Greece Golden Visa can vary depending on various factors such as the volume of applications, completeness of documentation, and administrative procedures. Generally, it takes around 2-3 months for the initial application to be processed, but this timeline can extend due to individual circumstances or additional requirements.

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